The National Flood Insurance Program (NFIP) – a lifeline for many Florida property owners in flood zones – is $25 billion in debt and on the verge of washing out with the tides if Congress doesn’t reauthorize it.

But that’s not likely to happen, and it shouldn’t without a more meaningful program in place. The current program, which uses taxpayer money to help keep premiums to about 40 percent of the actual cost through subsidies, is expected to be extended.

Lawmakers have extended the program in the past and there isn’t a short-term alternative. Florida’s senators – Republican Marco Rubio and Democrat Bill Nelson – are for reauthorization. So is U.S. Rep. Francis Rooney, who represents Lee and Collier counties. It’s the best solution – for now.

Florida relies on the national program more than any other state with about 1.8 million of the nearly 5 million homes and businesses in the NFIP.

“Along with other members of the Florida congressional delegation, I am fighting to ensure that the NFIP is reauthorized and that any changes which might be considered to introduce private insurance options into the program retain a government backstop at affordable rates,” Rooney said.

A bigger concern is the phasing out of premium subsidies for homes built in the early 1980s, second homes and businesses. Without reauthorization of the program and implementation of subsidies, individual policies on secondary homes, as well as commercial properties, could increase 18 percent a year until actual rates are met. Subsidies for primary homes will remain.

Subsidies have always been part of the NFIP. They were needed, especially in Southwest Florida, to keep older structures, built in compliance with elevation standards and building codes at the time, from paying astronomical rates as updated elevation standards and building codes from the early 1980s until 2008 took those structures out of compliance.

Approximately 20 percent of homes nationwide receive a subsidy and don’t pay the full amount.

Insuring the risky

Florida’s 1.7 million policyholders account for 27 percent of all annual NFIP premiums. But claims paid to Floridians since 1978 amount to only 7.3 percent – or $4 billion, compared to $55.8 billion nationwide.

Florida policy owners – spared significant storm events the past 13 years – keep the program going for the other 3.3 million policyholders nationwide, many experiencing more significant natural disasters. This should be a positive sign for private insurers, who are being encouraged by the government to get into the flood insurance market.

But the risk for Florida policyholders is private insurers will offer a majority of their policies only to those who have structures built to code and in low-risk areas. Several reports indicate that just 1 percent of the properties within the NFIP are responsible for 30 percent of the losses. Private insurers probably wouldn’t be interested in writing policies for any of those properties.

There are other reforms that could help property owners and keep rates low:

+ Local communities – 460 in Florida participate in NFIP – should have a meaningful role in the modeling and mapping for new flood insurance rate maps. Currently, the Federal Emergency Management Agency (FEMA) controls the mapping process. Allowing local governments to participate would give FEMA a more accurate accounting of low-risk and high-risk areas.

+ A voucher program that would allow property owners to take on mitigation efforts to help lower their flood risks for structures, especially those built between 2000 and 2008 that were in compliance with FEMA flood maps at the time.

+ Credits for policyholders who make structure upgrades to meet elevation standards, using their own money.

Reauthorizing the NFIP with subsidies for primary and secondary homeowners is the correct solution for now. But federal, state and local officials must work together to develop a plan that includes the steps outlined above.

We need a better system of accountability and transparency, one that won’t result in rising costs for property owners living on our coasts and in other flood-prone areas.

The News-Press is part of the USA TODAY NETWORK Florida, as is the Naples Daily News.